European Stocks Rise Amid Ireland's Debt Crisis

European stocks increased in cautious trading on Wednesday as investors awaited the outcome of Ireland's meeting with European Union and International Monetary Fund officials to address its growing debt problems and ailing banks. Irish Finance Minister Brian Lenihan announced that intensive engagement would begin on Thursday, but the lack of specific details kept investors from making significant moves. The ISEQ index rose 1.5%, while shares of Bank of Ireland gained over 2% in Dublin. The Stoxx Europe 600 index ended up 0.5% at 267.31.

Key Takeaways:

The ISEQ index rose 1.5% as investors awaited the outcome of Ireland's meeting with EU and IMF officials.
Shares of Bank of Ireland gained more than 2% in Dublin, while the Stoxx Europe 600 index ended up 0.5% at 267.31.
Health care stocks were the star of the show, with GlaxoSmithKline and Actelion leading the gain, up 2.4% and 9%, respectively.
The Stoxx Europe 600 index for the sector closed up 1% at 381.51.
Speculation about a potential takeover of Actelion led to the stock's significant gain.
Irish Finance Minister Brian Lenihan announced that intensive engagement would begin on Thursday to address Ireland's debt crisis.

Statistics:

The ISEQ index rose by 1.5% in one day.
Bank of Ireland shares gained more than 2% in a single trading session.
The Stoxx Europe 600 index ended up 0.5% at 267.31.
GlaxoSmithKline's stock rose 2.4% after a FDA panel recommended approval for its lupus drug, Benlysta.
Actelion's stock gained 9% amid speculation about a possible takeover.
The euro rose to $1.3529 from $1.3490 against the dollar.
The euro was also up against the yen, reaching 83.19 yen from 83.28 yen.

Sources:

Dow Jones Commodities News Select via Comtex, Nov 17, 2010
Dow Jones Newswires, Nov 17, 2010